Veteran investor Rakesh Jhunjhunwala passed away on Sunday morning. The investor with a Midas touch had been dubbed “India’s Warren Buffet.”
He was both a trader and a chartered accountant, and one of the richest men in the country. Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.
After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.